In-Game Property Sells for $335,000

Posted 11/18/2010 at 8:31am | by Paul Lilly

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Jon Jacobs spent five years managing a virtual space station in Entropia Universe, a Swedish-made MMORPG in which gamers can purchase in-game currency and convert it back to real-world dollars at a fixed exchange rate. So how did that work out for Jacobs? Really well, apparently. All told, Jacobs cashed out with $635,000 by selling his in-game properties, the largest chunk being a $335,000 slice of real estate.

If that sounds insane, well, that's because it is. So much so that Forbes went and tracked down the dude who shelled out well over a quarter of a million dollars for virtual property. His name is Yan Panasjuk, and according to Forbes, all the funds came out of his own pocket. So why do it?

"When motion pictures were first invented there were a lot of critics saying that is a novelty act and it would never amount to anything nor will be able to make any real money once the novelty wears off -- last time I checked Avatar grossed $2.7 billion worldwide," Panasjuk explained to Forbes in an email. "Most recent example is MTV and Internet but then you know those stories well enough. Virtual Universe is the next logical step in world entertainment and although there are a lot of critics and people shaking heads it is here to stay and take its ranks among the greats."

Maybe he's on to something. Before selling off his virtual property, which was called "Club Neverdie," Jacobs was making $200,000 a year from sales of virtual goods and services.

"Club Neverdie"